Jacobs Levy Equity Management Inc. Acquires 5,976 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Jacobs Levy Equity Management Inc. boosted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 23.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,011 shares of the company’s stock after purchasing an additional 5,976 shares during the period. Jacobs Levy Equity Management Inc.’s holdings in Credo Technology Group were worth $955,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. CWM LLC lifted its position in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. SG Americas Securities LLC bought a new position in shares of Credo Technology Group during the second quarter valued at $1,908,000. Diversified Trust Co boosted its stake in shares of Credo Technology Group by 8.1% in the 2nd quarter. Diversified Trust Co now owns 26,798 shares of the company’s stock valued at $856,000 after purchasing an additional 2,017 shares in the last quarter. Baader Bank Aktiengesellschaft bought a new stake in shares of Credo Technology Group in the 2nd quarter worth about $256,000. Finally, Swedbank AB acquired a new stake in shares of Credo Technology Group during the 2nd quarter worth about $10,823,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the transaction, the chief technology officer now owns 9,003,602 shares in the company, valued at approximately $267,136,871.34. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,193,441 shares of company stock valued at $41,362,270. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Up 5.4 %

Shares of CRDO stock opened at $74.23 on Monday. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of -494.87 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $75.32. The stock has a 50-day moving average price of $42.84 and a 200 day moving average price of $33.83.

Analyst Upgrades and Downgrades

A number of research firms have commented on CRDO. TD Cowen boosted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays boosted their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their price target on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Needham & Company LLC raised their target price on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $67.33.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.